The retailer has approached a number of agencies about the review, which is still in the early stages.
Cheethambell JWT has handled the business since 2011. The agency won the account, estimated to be worth £5 million at the time, in a shoot-out against Now.
Last year, Arcadia Group appointed Maxus to its media planning and buying account, the bulk of which is focused on BHS.
BHS spent £4.4 million in the year ending 30 September 2012, according to Nielsen.
A recent BHS campaign, comprising four weeks of TV and print activity created by Cheethambell JWT, launched in September 2012.